Trader Turns $500 into Million-Dollar Fortune With BALD Meme Coin on Coinbase's Blockchain
The much-awaited Aptos rival, Sui, launched its mainnet on Wednesday with hundreds of millions in VC funding. The blockchain, founded by ex-Meta Platforms employees, boasts fast transaction speeds and a growing ecosystem of projects. However, the network faces challenges in decentralization and token distribution. The token trades at $1.33, with a market capitalization of $687 million, according to CoinGecko. The network has over 200 projects in its directory and is expected to increase as it gains traction. Sui developers promised fast transaction speeds, which gradually increased as the network gained its footing on launchday. Speeds averaged around four transactions per second minutes after the launch, but increased to 18tps six hours later. Aptos, by comparison, is pushing out at speeds of 9tps. However, the network faces challenges in decentralization, with most nodes concentrated in Germany and the US. The distribution of token holders remains unclear. Sui's success in securing VC funding pre-launch has invited comparisons to Aptos, another relatively young blockchain with a large VC backing. Both blockchains were designed by teams from Diem, Meta's failed stablecoin project, and are undergirded by Move, a Rust-based programming language developed at Meta. Tokenomics tussle Critics have blasted Sui for its tokenomics in recent weeks. In April, Sui disappointed some community members by announcing it would forgo an airdrop. Instead, SUI, the platform's native token for governance and gas, became available for 3 cents per token in an early sale on three exchanges. There was a later token sale for 10 cents per token capped at 10,000 tokens per person. Binance added support for SUI to BNB and TUSD holders through its bootstrapping portal, Launchpad, earlier this week. Users in the US were not eligible for the early sale program. UPDATE: Provides information about transactions per second on Sui six hours after the mainnet's launch.A rise in open interest shows more participation from crypto traders and a bullish market sentiment, a trading firm said.Open interest in bitcoin (BTC) across crypto derivatives exchanges has surged to $10 billion, a five-month high after leverage subsided in the wake of FTX's collapse in November, according to data from Coinalyze.A rise in open interest, which is a metric that assesses the value of all unsettled derivatives positions, alongside an increase in price is often used to confirm the legitimacy of a move. At the time of writing, bitcoin was trading at around $30,000 after it surged to a 10-month high of $30,540 on Tuesday.Zahreddine Touag, head of trading at Woorton, a crypto trading firm and liquidity provider, said that bitcoin broke out in a 'global risk-on environment,' with the Nasdaq also rising by 10% in the last 30 days.'We think this move is driven by technicals, BTC broke a major resistance at $28.5k and rebounded on its 2023 bullish trendline,' Touag said.'We noticed futures open interest has been moving up vertically which shows more participation from crypto traders and a bullish market sentiment,' he added.'For now, we do not see signs of extreme exuberance; indeed, the fear and greed index is at 61, funding rates are still negative on many exchanges for BTC while short-sellers did not capitulate yet. We will monitor these metrics to predict a potential trend reversal.'It's worth noting that an increase in open interest means that whilst short-sellers have added to their shorts in this region, traders betting on long trades are doing so with leverage that may unwind if price begins to reverse.A total of $98 million in crypto derivatives positions have been liquidated in the past 24 hours as bitcoin momentarily slipped below $30,000, according to CoinGlass.UPDATE (April 10, 2023, 20:03 UTC): Updates quote attribution.Edited by Parikshit Mishra.An unidentified attacker has taken over the DAO of Tornado Cash, a privacy-focused crypto mixer, with a malicious proposal that granted them fake votes. The attacker has withdrawn 10,000 votes as TORN tokens and sold them, causing a 40% slump in token prices. The attack does not impact the actual Tornado Cash protocol, but the community is working on proposals to revert the changes made to the code. Some have suggested creating a new contract and airdropping new tokens to holders. The attack highlights the potential vulnerabilities of DAOs and the need for robust security measures to prevent such incidents.